NEW AND OLD
THIS IS THE FUNDAMENTAL ECONOMIC PROBLEM
WHAT IS SCARCE GOODS AND UNLIMITED WANTS?
A FIRM THAT HAS TO ACCEPT THE STATED PRICE
WHAT IS A PRICE TAKER?
THIS IS THE TOTAL AMOUNT OF CONSUMER AND PRODUCER SURPLUS
WHAT IS WELFARE?
WHAT IS A DECREASE IN SUPPLY?
VALUE OF THE THING GIVEN UP WHEN THERE IS A CHOICE BETWEEN TWO THINGS
WHAT IS OPPORTUNITY COST
ADVERSE SELECTION AND PRINCIPAL-AGENT PROBLEMS ARE EXAMPLES OF THIS.
WHAT ARE EXAMPLES OF ASYMMETRIC INFORMATION?
MARKET STRUCTURE THAT PRODUCES SIMILAR BUT NOT IDENTICAL PRODUCTS. CHARACTERIZED BY PRODUCT DIFFERENTIATION AND BRANDING
WHAT IS MONOPOLISTIC COMPETITION?
THE AMOUNT PEOPLE ARE WILLING TO BUY AT EVERY PRICE?
WHAT IS DEMAND?
APPLE ANNOUNCES THE RELEASE OF THE I-PHONE 14 IN TWO WEEKS (HOW WOULD THIS AFFECT DEMAND FOR IPHONE 13)
WHAT WOULD CAUSE A DECREASE IN DEMAND FOR THE IPHONE13?
DAILY DOUBLE
THE KEEBLER ELF CAN MAKE 2 COOKIES OR 3 SHOES.
HARDY CAN MAKE 1 COOKIE OR 1 SHOE.
THE ELF HAS A _______ ______ FOR MAKING SHOES.
WHAT IS COMPARATIVE ADVANTAGE?
THIS IS WHEN INDIVIDUALS ARE INCENTIVIZED TO TAKE MORE RISK, BECAUSE THEY DON'T PAY THE COST
WHAT IS MORAL HAZARD?
WHAT IS ZERO PROFIT?
FIRMS MAXIMIZE PROFIT BY DOING THIS
WHAT IS SETTING PRICE EQUAL TO MARGINAL COST?
THE PRICE OF GOLF CLUB MEMBERSHIPS INCREASES (HOW WOULD THIS AFFECT THE DEMAND FOR GOLF CLUBS)
WHAT WOULD CAUSE A DECREASE IN DEMAND FOR GOLF CLUBS?
A DAM BECOMES A MONOPOLY BECAUSE OF THE COST TO BUILD. THIS IS AN EXAMPLE OF THIS TYPE OF MONOPOLY.
WHAT IS A NATURAL MONOPOLY?
PUBLIC GOODS ARE _______ AND _________.
WHAT IS NONEXCLUDABLE AND NONRIVAL.
THE SOFT DRINK INDUSTRY-TWO MAJOR PRODUCERS COKE AND PEPSI-WOULD BE AN EXAMPLE OF THIS TYPE OF MARKET STRUCTURE
WHAT IS OLIGOPOLY?
AS PRICE GOES UP, DEMAND GOES DOWN (AND VICE VERSA)
WHAT IS THE LAW OF DEMAND?
YOU HEAR THAT GAS PRICES WILL BE INCREASING OVER WINTER BREAK. THIS IS WHAT HAPPENS TO THE DEMAND FOR GAS TODAY.
WHAT WOULD CAUSE AN INCREASE IN DEMAND FOR GAS TODAY?
THIS PROBLEM IS FACED BY NON-EXCLUDABLE, RIVAL, GOODS?
WHAT IS THE TRAGEDY OF THE COMMONS?
THIS IS USED TO MEASURE CONSUMER HAPPINESS FROM CONSUMPTION.
WHAT IS UTILITY?
MONOPOLIES DO THIS TO PRICE AND QUANTITY
WHAT IS RAISE PRICE AND DECREASE QUANTITY?
THE MAXIMUM PRICE THAT CAN BE CHARGED--ALWAYS OCCURS BELOW THE EQUILIBRIUM PRICE--ALWAYS RESULTS IN A SHORTAGE BECAUSE DEMAND EXCEEDS SUPPLY--RENT CONTROL IS AN EXAMPLE
WHAT IS A PRICE CEILING?
SBC DOUBLES ENROLLMENT NUMBERS (THE IMPACT OF THIS ON DEMAND FOR DOMINO'S PIZZA)
WHAT WOULD CAUSE DEMAND FOR DOMINO'S PIZZA TO INCREASE?
THIS IS THE COST A TRANSACTION IMPOSES ON A THIRD PARTY
WHAT IS A NEGATIVE EXTERNALITY?
DAILY DOUBLE
CONSUMER CHOICE THEORY SUGGESTS CONSUMERS MAKE CHOICES BALANCING THESE TWO THINGS
WHAT IS MARGINAL UTILITY AND MARGINAL COST
CHAIN GROCERY STORES (PUBLIX, WINN DIXIE, PUBLIX, ETC,) AND BIG DEPARTMENT STORES (KOHL.S, BELK. DILLARD'S. J C PENNEY) WOULD BE EXAMPLES OF THIS TYPE OF MARKET STRUCTURE
WHAT IS PERFECT COMPETITION?
DEFINE INELASTICITY
WHEN SUPPLY/DEMAND ARE NOT RESPONSIVE TO CHANGE
NIKE SIGNS A POPULAR ATHLETE TO REPRESENT THE BRAND; NEW TECHNOLOGY LOWERS THE COST TO MAKE SHOES. (EQUILIBRIUM QUANTITY OF NIKES?)
WHAT IS INCREASE A LOT?
THE GOVERNMENT CHARGES PIG FARMERS A TAX (SUPPLY CURVE FOR PIGS)
WHAT WOULD CAUSE THE SUPPLY CURVE FOR PIGS TO MOVE TO THE LEFT?
WHAT IS [LOTS OF POSSIBLE ANSWERS]?
THESE ARE THE FEATURES OF PERFECT COMPETITION
WHAT IS LARGE # OF BUYERS AND SELLERS, NO BARRIERS TO ENTRY, PRICE TAKERS
THE POINT WHERE A SUPPLY CURVE AND A DEMAND CURVE MEET--EVERYTHING THAT HAS BEEN MADE HAS BEEN BOUGHT--THERE IS NOT A SURPLUS OR A SHORTAGE
WHAT IS THE EQUILIBRIUM PRICE?
PEOPLE GROW TIRED OF FIDGET SPINNERS AND A PANDEMIC SHUTS MANY FIDGET SPINNER FACTORIES (THINK ABOUT THE PRICE OF FIDGET SPINNERS)
WHAT WOULD BE AN UNCERTAIN CHANGE?
THE PRICE OF COTTON INCREASES (THE SUPPLY CURVE FOR COTTON)
WHAT WOULD CAUSE A CHANGE IN QUANTITY SUPPLIED, NO CHANGE IN SUPPLY?